Mumbai (Maharashtra) [India], : Reliance Brands said on Thursday it has completed the acquisition of 100 per cent stake of Hamleys Global Holdings Ltd (HGHL), the British toy retailer, for 67.96 million pounds (about Rs 580 crore).
The transaction was done through a special purpose vehicle company set up in Britain.
Hamleys has over 250 years of history of being the oldest and largest toy shop with 167 stores across 18 countries. In India, Reliance is the master franchise for Hamleys and currently operates 88 stores across 29 cities.
In May, Reliance Brands has signed a definitive agreement with Hong Kong-listed C Banner International Holdings to acquire 100 per cent shares of HGHL.
Reliance Brands has already built a significant and profitable business in toy retailing over the past few years under the Hamleys brand. The company operates more than 420 stores and 350 shop-in-shops in the country.
The 250-year-old English toy retailer pioneered the concept of experiential retailing, decades before the concept of creating unique experiences in brick and mortar retailing became the new global norm.
Hamleys flagship Regent Street London store is set over seven floors with more than 50,000 toys on sale. It attracts over 50 lakh visitors each year.
Reliance Brands is a subsidiary of Reliance Industries, a 120 billion dollar (about Rs 8.4 lakh crore) market cap conglomerate with the world’s biggest single-location crude oil refinery at Jamnagar in Gujarat. It plans to gradually leverage its Jio telecom venture and get into fast-expanding e-commerce besides consumer-facing retails stores.
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